Newly formed S&J Iron Corporation has 50,000 shares of $10 par common stock authorized. On...
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Newly formed S&J Iron Corporation has 50,000 shares of $10 par common stock authorized. On March 1, 2016, S&J Iron issued 6,000 shares of the stock for $16 per share. On May 2 the company issued an additional 10,000 shares for $18 per share. S&J Iron was not affected by other events during 2016.
Required
a.
Record the transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event.
Balance Sheet
Income Statement
Event
Assets
=
Liabilities
+
Stockholders Equity
Revenue
Expense
=
Net Income
Cash Flow
Cash
=
+
Common Stock
+
PIC in Excess
=
March 1
96,000
=
+
60,000
+
36,000
=
96,000
FA
May 2
=
+
100,000
+
=
FA
If you could help me with May 2nd, the cash, PIC in excess, and cash flow it'd be greatly appreciated! I have all other ones correct except for those.
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